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Al Babtain Power and Telecommunication company announces the sale of part of Petitjean France (owned 51% by Al Babtain Power and telecommunication)
2320
ALBABTAIN
2.23
%
1444/08/09 01/03/2023 09:52:59
| Element List | Explanation |
|---|---|
| Introduction | Al Babtain Power and Telecommunication company announces the sale of part of Petitjean France (owned 51% by Al Babtain Power and telecommunication) |
| Transaction Details | Al-Babtain Power and Telecommunications Company and Portuguese Metalogalva Company agreed that the Portuguese Metalogalva Company would acquire an additional 26% to the 49% owned by Petitjean France Company, bringing the total ownership percentage of the Portuguese Metalogalva Company to be 75% of the shares of Petitjean (owned by 51% of Al-Babtain Powe and Communications Company in France), whereby Al-Babtain Power and Telecommunications Company will own 25% of the shares of Petitjean France. |
| Transaction Value | SR 3,740,000 (941,000 Euros). |
| Transaction Terms | The transaction conditional on the approval of the regulatory authorities in the State of France |
| Parties of the Transaction | Al babtain Power and Telecomunication Company and Portuguese Metalogalva Company |
| Transaction Funding Method | N/A |
| Transaction Execution Date | 2023-02-28 Corresponding to 1444-08-08 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Petitjean Company is a French company and works in the manufacture and production of steel towers and lighting poles |
| Asset Book Value | SR 2,146,000 |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Attached financial statement for three years by english Languge due it is French company |
| Transaction reasons | The sale is a part of company’s capital recycling strategy and exit from Petitjean France |
| Expected Impact of the Transaction on the Company and Its Operations | The transaction is not expected to result in any material financial impact to the Company. |
| Details of Using The Proceeds of the Asset Sale | The proceeds will be used for general corporate purposes |
| Related Parties | Portuguese Metalogalva Company is the 40% shareholder in Al-Babtain Metalogalva Co. Ltd., a subsidiary of Al-Babtain Power and Telecommunications Company in the Kingdom of Saudi Arabia. The owners of Al-Babtain Metalogalva, Portuguese are members of the Board of Directors of Al-Babtain Metalogalva Ltd. The Portuguese Metalogalva Company owns 49% of the shares of Al-Babtain France. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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